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October 29, 2012
News for property casualty insurers

  Top Story 
  • P/C insurers are poised for Hurricane Sandy response
    Property/casualty insurers are putting employees in place to respond to Hurricane Sandy, which is expected to make landfall on the East Coast late today or early Tuesday. Insurers should be able to absorb losses from the storm because catastrophe losses are significantly lower this year, experts said. "In terms of losses, I certainly don't think it's going to be the largest loss of the last 100 years. It's not an end-of-days scenario," Eqecat's Tom Larsen said. Reuters (10/28), The Wall Street Journal (10/28) LinkedInFacebookTwitterEmail this Story
  • 50 million people in U.S. may be affected by Sandy: Hurricane Sandy is moving toward the mid-Atlantic region, putting up to 50 million people in its path, according to forecasters. A severe storm surge in New York City and northern New Jersey "is the worst-case scenario," said Louis Uccellini of the National Oceanic and Atmospheric Administration. Federal Emergency Management Agency chief Craig Fugate urged residents to be on guard because the hurricane could merge with two other weather systems and intensify. President Barack Obama said government agencies will "respond big and respond fast" to provide needed aid to hurricane victims. CNBC/The Associated Press (10/29) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Expert: Further workers' comp rate hikes are likely next year
    Workers' compensation premiums written saw an increase in 2011, after years of decline, and the upswing "is absolutely fantastic news" for the industry, Insurance Information Institute President Robert Hartwig said. High combined ratios are prompting efforts to raise prices, Hartwig said. "What we see is that workers' comp's most recent renewals in mid-2012 were up about 8%. Earlier in the year and late in 2011 [they were] up about 7.5%," he said. Business Insurance (tiered subscription model) (10/28) LinkedInFacebookTwitterEmail this Story
  • Predictive modeling remains challenging for insurers, experts say
    Predictive modeling helps adjusters improve the claims process, but it continues to pose challenges for insurers, experts said. "A lot of the predictive modeling we see today is highly specific and, as a result of that, it is precisely inaccurate -- and that's OK as long as the claims handlers are properly trained in terms of the context and the interpretation of the output of predictive modeling," said Prium's Michael Gavin. Business Insurance (tiered subscription model) (10/28) LinkedInFacebookTwitterEmail this Story
  • More booster seats pass IIHS tests, report says
    More booster seats have passed the latest tests conducted by the Insurance Institute of Highway Safety, indicating that seat-makers are designing safer products, the IIHS says. Fifteen seats were added to the Best Bet list, which now includes 47 such products. Autoblog (10/27) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Other News
  Policy and Law 
  • Fla. regulator says he'll OK workers' comp rate increase
    Florida Insurance Commissioner Kevin McCarty said he plans to approve a request to raise workers' compensation rates by 6.1% starting in January. The National Council on Compensation Insurance "has provided sufficient evidence to support a rate increase based on a variety of cost factors experienced in the marketplace," McCarty said in a statement. Workers' compensation costs in the state will remain "56% below the rates prior to the 2003 reforms, and are competitive with other states nationally. However, I look forward to working with Florida's policymakers during the upcoming legislative session to address cost drivers in the system," he said. Business Insurance (tiered subscription model) (10/26) LinkedInFacebookTwitterEmail this Story
  • N.J. to implement rules to curb PIP coverage costs
    New Jersey will implement regulations designed to curtail the rising cost of personal-injury-protection coverage. The rules, which will become effective Nov. 5, will limit reimbursement rates on many medical procedures. "For us, it's a long-term problem. This set of regulations will likely provide some relief, but it doesn't solve the problem," said Deana Lykins of the Insurance Council of New Jersey. The Star-Ledger (Newark, N.J.) (10/28) LinkedInFacebookTwitterEmail this Story
Being inexhaustible, life and nature are a constant stimulus for a creative mind."
--Hans Hoffman,
German-American abstract expressionist painter

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